The average price for a local home now sits at $1.4 million, as active listings decreased by nearly 20% compared to April 2022.
Local realtors Dolores Trentadue and Sonya Torres of the Trentadue Torres Group joined Bullet Point News to share their insights.
Dolores explained that many people were waiting for housing prices to drop following recent interest rate hikes, but the resulting correction was minor and concluded by the end of 2022.
“Buyers are coming out and realizing that interest rates went up, but it’s not that bad,” Dolores says.
“Buyers determine the price,” Sonya added. “They’re the ones who have [housing] needs.”
Even if the spring market increases the number of local listings, Sonya says the demand will remain high. “There are certainly enough buyers.”
“Pretty much everything we’re selling right now is on multiple offers,” Sonya noted.
In the end, “there’s definitely not enough inventory,” Dolores stated. “I don’t think there will be a slowdown.”
With such high demand for so few properties, Dolores highlighted the need for prospective buyers to be alert and financially sound: “Things can change in three months, things can change in one week. If you don’t have your finger on the pulse, you’re in big trouble.”